South Korea’s Financial Supervisory Service (FSS) is encouraging domestic companies and regulatory authorities to collaborate on developing an integrated blockchain platform for stock trading, Korea Joongang Daily reported.

The FSS on Thursday released its study on the current status and implications of blockchain technology in stock transactions. The study particularly focused on the initiatives in these areas in the United States, Japan, and Australia.

The regulator noted the blockchain-based efforts underway at Nasdaq, the Australian Securities Exchange (ASX), and London Stock Exchange Group, among others.

Last year, the London Stock Exchange Group, in collaboration with IBM, started building a blockchain-based platform for the digital issuance of private shares of small and medium enterprises in Italy.

Nasdaq has also tapped into the potential of blockchain technology for secure and reliable record keeping through Linq – a blockchain-based system that facilitates the issuance, cataloging and recording of transfers of shares of privately-held companies on The NASDAQ Private Market.

The Australian Securities Exchange (ASX) is currently working to replace its existing Clearing House Electronic Subregister System (CHESS) system with a blockchain-based solution. In April, the ASX said the blockchain solution will be launched somewhere between Q4 2020 and Q1 2021.

The FSS noted that implementation of the technology in South Korea is still in a very nascent stage. The Korea Exchange’s KRX Start-up Market intends to leverage blockchain for settling the transactions of unlisted companies traded on the bourse. Korea Securities Depository has launched a trial project on a blockchain-based electronic voting system for shareholders of listed companies.

“There should be no barrier between public institutions and private companies in developing a blockchain system,” the FSS said.